ECCB Governor, Timothy Antoine
The St. Kitts-Based Eastern Caribbean Central Bank (ECCB) Tuesday unveiled a five-year strategic plan which it said focuses on the goals that are needed to improve the financial institution’s relevance and address more strategically, the expectations of stakeholders in relation to socio-economic transformation.
ECCB Governor, Timothy Antoine, speaking by video conference to all member states to coincide with the launch Financial Information month (FIM), in an earlier Statement said: “At this point in the region’s history when it is facing unprecedented challenges related to high unemployment and devastating natural disasters, the plan takes cognisance of these and other challenges and is aptly themed: ‘Transforming the Eastern Caribbean Currency Union Together.’
The statement said that the plan outlines a vision for the currency union and the strategic goals which the ECCB seeks to accomplish over a five-year period.
“The ECCB Strategic Plan 2017-2021 has also been crafted at a juncture in the Bank’s development when it is undergoing transition in its organisational culture, structure and strategic outputs and highlights the Bank’s revitalised thrust towards deepening stakeholder engagements and advancing a results-oriented performance culture,” said the ECCB, which acts as a central bank for Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, Montserrat, St. Kitts-Nevis, Anguilla and the British Virgin Islands.
The plan has five main goals which if achieve the ECCB said, will result in significant changes in the way businesses are conducted, economic plans are developed and changes to the way of life for every citizen of the sub-regional Organisation of Eastern Caribbean States (OECS).
ECCB Governor Timothy Antoine, speaking during the video conference to all member states of the ECCB, with the exception of Dominica and Anguilla that were devastated by hurricanes in recent weeks, said that among the proposals are for the establishment of a resilience fund, the enactment of fiscal responsibility legislation, the establishment of a public debt website based on shared up to date database and the establishment a credit bureau.
“So this is something we are encouraging across the region, and we are going to provide support for our governments which decide to adopt fiscal responsibility legislation,’ Antoine said.
“As we speak we have legislation in Anguilla and Grenada, its implied in Montserrat and of course in other countries are engaging them to eventually adopt fiscal responsibility legislation,” said Antoine, who explained that fiscal responsibility legislation is very important for sustaining development when there is minimal growth.
The other goals of the strategic plan include maintaining a strong Eastern Caribbean dollar, ensuring a strong diversify and financial resilient financial section; actively promoting the economic development of the members and to enhance organisational effectiveness to ensure responsiveness and service excellence.
Antoine said that technology will play an important role in the future development of the sub-region whose economy is worth EC$18 billion (One EC dollar=US$0.37 cents).
“Technology will have to help diversify our economy, technology has to be that very thing that will make the difference to our future economy,” he said, appealing to policy and decision makers both in the public and private sector to support the initiative.
“Our region needs socio-economic transformation now more than ever, let us go forth with “nowness”, “boldness” and “togetherness,” he said while calling for greater cooperation among the Eastern Caribbean Currency Union (ECCU) members.
The ECCB said that as a result of the new plan, it has adopted “Advancing the good of the people of the currency union by maintaining monetary and financial stability and promotion growth and development” as its new mission statement.
